Why is RFID Good for Retail Inventory Management?
Providing a seamless shopping experience is becoming increasingly important for customers and the retail industry is no exception. Customers no longer want their shopping experience limited to a singular sales channel, but rather through multiple channels allowing the flexibility and visibility of online shopping combined with local storefronts. To achieve this, retailers must manage their inventory more effectively through a robust inventory management system providing real-time visibility to product throughout their enterprise.
Providing an Omnichannel Experience
To provide a seamless omnichannel experience, retailers need to ensure that their stock is at an efficient level. Inventory management tools, such as SML’s Clarity® RFID software, are able to inform retailers what level of inventory they have with a high degree of accuracy. This enables them to make better decisions on where to allocate additional stock, minimizing overstock issues and creating long-term cost efficiency. Inventory management tools also provide retailers with real-time information on stock levels. By using this, retailers can adapt quickly by re-ordering and re-allocating products to maximize sales throughput and protect margin
From a sales perspective, inventory management tools enable retailers to deliver an effective buy online, pick up in-store (BOPIS) model, that creates more options and convenience for customers.
Visibility is Everything in Retail Inventory Management
With the introduction of omnichannel, retailers’ supply chains have become increasingly complex. However, with technology such as SML’s Clarity® RFID software, inventory accuracy is increased, and product information is more easily accessible. Able to scan multiple items in seconds, warehouse operators can completely streamline the delivery process, knowing where specific products are located from the manufacturer to the sales floor.
In addition, having accurate real-time information on products allows retailers to gather data and analyze trends. They can better understand which product sales data, and can leverage this information to make more informed decisions on buying rates and product allocation. Data analytics in a retailer can only be leveraged effectively if the underlying inventory data is stated accurately and RFID technology is the proven tool to achieve that outcome.
In today’s environment, retailers need to reach customers across all channels, while simultaneously having an accurate visibility of products across the supply chain. RFID technology plays a pivotal role by allowing retailers to deliver a seamless omnichannel experience – serving customers in the ways that best suit them, and providing real-time information on stock levels.
To find out more about how item-level RFID can improve your inventory management, download the Clarity® RFID software brochure.
